I'm thinking of placing my life savings($266,000.00) in a 6 month Countrywide CD at a 5.65 APR. Counrtywide claims that the FDIC will insure that amount as long as there are two beneficiaries listed on the application. What is your take on this?

I thought about taking my money from Capital One to Country Wide because of the higher interest rate (Capital One is at 3.50% down from 5%).  After reading the projections, I opted to sit tight.  My financial advisor told me to make sure that where ever the money went, to make sure it was FDIC insured.  I am going to sit tight.

Don't you get it? California needs to get over its sense of entitlement. Homes are just not worth that much. It is all hype. You are going down CWide. My retirement fund has been trashed because of this Sub-Prime Slime!!!

Send John McCain and Countrywide to the scrap heap. Both are only looking for a bailout.

FDIC insurance only goes to $250,000 if a retirement account.  Other then that it is $100,000 per account not per person so no you are not covered.  Besides FDIC only has pay $10,000 in the first 30 days (after needed time to verify account owners and amounts deposited Accrued but unpaid interest is not insured-i.e. when they get to it) to account holders then without interest within 5 years.

Gerald, not play abound with your life savings.  Split it among 3 institutions or do it with Bank of America, USB, or Wells Fargo.

jim: For what it's worth, a good friend of mine just lost a good portion of his life savings, and it was with USB.  

.

Depending on how old someone is, maybe they should do nothing BUT play around with their life savings!

Watching your life savings disappear is much easier if you enjoyed the process, and dying broke is perfect since cash doesn't transfer to the Other Side (but your credit history probably does!). I guess some people want to leave some money to their kids (and that's great- for the kids), but no one left me anything, and that's fine as I'm not afraid to earn my own living, and money isn't what life's about anyway.

"For what it's worth, a good friend of mine just lost a good portion of his life savings, and it was with USB. "

That is asinine, US Bancorp has not failed.  If they invested in USB's equity that is a much different conversation than is taking place right here Eric.

Upon retirement I placed my very nice 401k with a credit union. ten years later I still have it, have received a very nice return and have lived very nicely on it along with my social security. No debt and no worries.  Some of my friends went other ways on the advice of financial wizards and today are near broke. One leason I have learned watching all this is that there is no sure thing when it comes to a quick buck.

I think Countrywide STINKS. I have been a customer of theirs for years, and anytime we have refinanced our loan, they have always bought it back. We have excellent credit, have never been late with a payment, but they won't do anything to help us get out of the loan we are currently in. With that being said, come July, they may have another home on their hands whne our adjustable hits. I think because they are not even helping the credit worthy people, they are going to end up with a lot more homes being handed back to them, so I have no idea how things could be looking up for them.